TfL Pensions Review (2)

Questions to the Mayor of London – answered on 24th May 2022.

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Photo of Caroline Pidgeon Caroline Pidgeon Liberal Democrat

Please outline TfL’s objectives in relation to changes to the Pensions Scheme.

Photo of Sadiq Khan Sadiq Khan Mayor of London

On 28 March Transport for London (TfL) received the Final Report from the Independent Review into the TfL Pension Scheme which has been undertaken by Sir Brendan Barber with the support of pensions expert Joanne Segars OBE. The report has not made any detailed recommendations but provided, for each option considered, clarity on the impacts on costs, future risks and the value of benefits provided.

There are currently no proposals for changes to TfL’s pension arrangements. TfL will need to consider matters such as affordability, sustainability and fairness in deciding what the next steps might be, if any. TfL’s pension arrangements must be considered in the context of TfL’s overall financial position, wider terms and conditions and ability to recruit and retain employees. Any reform proposed in the future would be subject to consultation with all stakeholders, including staff and trade unions, and would likely require primary legislation.